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El Salvador Uses Volcanic Energy to Mine 474 Bitcoin

El Salvador Uses Volcanic Energy to Mine 474 Bitcoin

May 15, 2024
Bitcoin Mining

El Salvador Uses Volcanic Energy to Mine 474 Bitcoin

El Salvador has successfully mined nearly 474 bitcoins, valued at approximately $29 million, through the use of geothermal energy derived from the Tecapa volcano. This initiative, which began in September 2021, has increased the nation's bitcoin reserves to a total of 5,750 BTC, with an estimated worth of over $360 million.

The mining endeavor represents a partnership between the Salvadoran government and various bitcoin mining companies, including Foundry USA, Antpool, ViaBTC, F2Pool, and Binance Pool. The project capitalizes on the geothermal potential of Tecapa, which is one of the active volcanoes in the country.

El Salvador's state-owned geothermal power facility, located adjacent to the volcano, produces 102 megawatts of power, out of which 1.5 megawatts are allocated specifically for bitcoin mining operations. President Nayib Bukele has played a pivotal role in this project, overseeing the installation of 300 specialized mining processors to optimize the mining process.

The country garnered international attention in 2021 when it became the inaugural nation to recognize bitcoin as a legal form of currency. Despite facing skepticism from entities such as the International Monetary Fund (IMF), President Bukele has maintained a steadfast commitment to the integration of bitcoin into the nation's economy. The geothermal-powered bitcoin mining project is a testament to El Salvador's innovative and progressive stance on Bitcoin.

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